Legacy in Luxury: breaking away from the traditional understanding of heritage
Sheikh Mohammed bin Rashid Al Maktoum’s profound statement — “Legacy is not what I leave for people, but what I leave in people” — carries particular resonance in the world of luxury. Legacy in luxury is not just about iconic products or impressive financial results but the emotional and cultural imprint a brand leaves on its audience. As the market becomes increasingly volatile and competitive, luxury brands must rethink how they build and sustain this intangible yet invaluable asset.
Iconic Brands and the Foundations of Legacy
Legacy-rich brands like Chanel, Hermès, and Rolex have mastered the art of storytelling and craftsmanship. Chanel’s legacy, for instance, is not just its tweed suits or No. 5 perfume but the revolutionary ideals Coco Chanel instilled: independence, elegance, and modernity. Similarly, Hermès has built a legacy on its devotion to artisanal craftsmanship and timeless design, with its Birkin bag embodying exclusivity and impeccable quality. These brands have created emotional connections that transcend generations, ensuring their stories are carried forward through their customers.
Staying Afloat in a Shifting Market
However, legacy alone is no longer enough in today’s fast-paced market. Established brands must adapt to evolving consumer values, such as sustainability, inclusivity, and digital innovation, without compromising their core identity. Gucci’s transformation under Alessandro Michele is a prime example. By embracing maximalism and appealing to younger, diverse audiences, Gucci redefined its legacy for a new era while maintaining its heritage of Italian craftsmanship.
Luxury brands must also leverage technology to deepen customer engagement. Dior’s virtual couture shows and Balenciaga’s metaverse experiments have shown that innovation and legacy can coexist. These efforts ensure that a brand’s legacy continues to resonate with both existing and new audiences.
Building a Legacy from Scratch
For newer or less established brands, building a legacy requires more than exceptional products. They must craft a narrative that resonates deeply with their target audience. A case in point is Bottega Veneta’s quiet luxury ethos under Daniel Lee. By focusing on understated elegance and eschewing logos, the brand built a loyal following that values substance over surface.
Another strategy is aligning with contemporary values. Brands like Marine Serre and Stella McCartney have built a legacy-in-the-making by championing sustainability. Their commitment to eco-conscious practices fosters a sense of purpose and emotional investment among customers.
Lessons for Both the Established and the Emerging
Whether steeped in history or starting fresh, the key to enduring legacy lies in authenticity. Brands must consistently reflect their values in every aspect of their business — from product design and marketing to their social and environmental impact. Legacy is not simply inherited; it must be actively cultivated to remain relevant.
Moreover, leaving something “in people” means fostering emotional connections and shared values. This involves understanding the consumer on a deeper level and creating experiences that enrich their lives — whether it’s through timeless designs, groundbreaking innovation, or a commitment to making the world better.
Luxury brands must redefine their understanding of legacy, shifting the focus from what they leave behind to how they shape the hearts and minds of their customers. In a volatile market, the brands that thrive will be those that remain true to their essence while embracing change. After all, true legacy isn’t etched in stone — it lives in the stories, values, and emotions passed down through people.
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